中金：算力强势打开SSD需求天花板 2026年NAND价格或将维持高位

智通财经2025-12-18

智通财经APP获悉，中金发布研报称，1Q25以来，NAND合约价格已实现翻倍以上的上涨。需求侧，AI模型的训练和推理对企业级SSD提出写入速度、IOPS、容量及耐久度等多层面的更高需求。其中，LLM快速载入&KVCache、RAG将在未来成为SSD大规模应用场景。产能侧，铠侠和闪迪合资新工厂已于3Q25投产，引入BiCS8先进工艺，将于1H26贡献收入。结合供需来看，预计供给紧张至少持续到2026...

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